H. H. Gregg
| Company type | Public company |
|---|---|
| Industry | Retail |
| Founded | 1955 |
| Headquarters | Indianapolis, Indiana, USA |
Key people | Jerry W. Throgmartin Chairman & CEO Dennis L. May President and Chief Operating Officer and Director |
| Products | Retailing-Electronics and Appliances |
| Revenue | $1.1 Billion USD |
Number of employees | 3,100 |
| Website | http://www.hhgregg.com |
hhgregg Inc. (NYSE: HGG) or Gregg Appliances Inc. is a family-owned and operated appliance and electronics retailer in the Midwest and Southeast United States with over 3,100 employees operating 91 stores in nine states: Alabama, Indiana, Georgia, Kentucky, North Carolina, Ohio, South Carolina, Tennessee, Florida[1]. Another six stores will accompany their recent Datona and Jacksonville, Florida openings in 2008, including [2]:
- Colonial Town Center, West State Road 50 and Apopka-Vineland Road, Orlando
- Colonial Landings, East State Road 50 east of Maguire Boulevard, Orlando
- Osceola Village, Osceola Parkway and Dyer Boulevard, Kissimmee
- Seminole Commons, Rinehart Road between State Road 46 and St. John's Parkway, Sanford
Headquartered in Indianapolis, Indiana, USA, hhgregg operates as a specialty retailer of consumer electronics and home appliances. Its retail products include video products comprising of LCD, plasma, and micro-display televisions, as well as DVD recorders; home appliances, such as refrigerators, ranges, dishwashers, freezers, washers, and dryers; and other products and services, including audio hardware, mattresses, computers, and other selected consumer electronics and accessories[3].
hhgregg reported an annual revenue of US $1.1 billion in 2007 and is one of the nation’s leading retailers of home appliances and consumer electronics [4].
History
In 1955, a small storefront was erected by H. H. and Fansy Gregg on Indianapolis’ north side. The Greggs’ new store featured modern appliances such as washing machines, clothes dryers, refrigerators, and grills. Shortly thereafter, they began selling black & white and color televisions alongside other electronics. Outstanding customer service and attention to detail were the founding principles that allowed business to prosper during the years following.
In 1975 Jerry W. Throgmartin began working in his grandfather’s store while attending middle school. He would work his way through many positions at hhgregg over the next 24 years including Store Manager, District Manager, Advertising Director and Vice President of Store Operations. In 1999, Throgmartin would take over his father’s position as Chairman, CEO, and Director of hhgregg Appliances and Electronics[5].
Despite market trends that have diminished profit margins on high-tech devices, Throgmartin has been able to aggressively expand the family-owned business to 84 stores in 8 states as of January 2008. Throgmartin said, “We’ve been fortunate in that the areas of the [overall CE] business that have been strong are the areas in which we excel: high-end large-screen flat-panel TVs and home theater, and higher-end appliances[6]
Stock
When hhgregg debuted its IPO on July 20, 2007, the stock price was USD $13.72[7]. During its first day, their stock rose as high as $14.65, and closed at $14.55. hhgregg’s stock peaked on October 9 2007 at $16.08, steadily declining until it reached its low on January 19 2008 at $8.67 per share[8].
Sponsorships
December 17, 2007, hhgregg signed as one of 14 founding corporate partners for the Lucas Oil Stadium, home of the NFL’s Indianapolis Colts. hhgregg’s deal earned them rights to advertise in the south gate and display many of their large, flat-screen televisions.
The south gate is also home to a new 26,000-square-foot showroom where fans can get their hands on the latest and greatest hhgregg has to offer, whether they are looking for scores from other NFL games across the country or checking in on their fantasy football results[9].
References
- ^ "Growing Electronics Retailer hhgregg Enters Florida Market". hhgregg. Retrieved 4-1-2008.
{{cite web}}: Check date values in:|accessdate=(help) - ^ "Electronics retailer HHGregg seeks local warehouse space". Orlando Business Journal.
{{cite web}}: Text "accessdate2-25-2008" ignored (help) - ^ "hhgregg, Inc. (HGG:NYSE) Snapshot". BusinessWeek. Retrieved 2008-02-18.
- ^ "hhgregg Overview". Retrieved 2008-02-11.
- ^ Brian Ploskina (2008). "A Commitment to Vision". Dealerscope. 50 (1).
{{cite journal}}: Unknown parameter|month=ignored (help) - ^ Brian Ploskina (2008). "A Commitment to Vision". Dealerscope. 50 (1).
{{cite journal}}: Unknown parameter|month=ignored (help) - ^ "hhgregg Inc. Announces Pricing of IPO". Retrieved 2008-02-25.
- ^ "Google Finance: Public, NYSE:HGG". Retrieved 2008-02-25.
- ^ "Hi-def highlights 'showroom' part of Lucas Oil sponsorship". The Indianapolis Star. Retrieved 2-25-2008.
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